A large part of the market is bought by bots, many of which are reading the news feed to get a jump on current events.
Now read this excerpt from RawStory
A deleted tweet from one of President Donald Trump's Cabinet members just cost traders $84 million in minutes, according to a new report.
"Benchmark U.S. crude futures plunged by as much as 19% at one point. During a roughly 10-minute span when Wright’s post appeared, an exchange-traded fund linked to oil futures saw $84 million of its market capitalization evaporate," the report said.
The post vanished and Department of Energy officials later admitted, "A video clip was deleted from Secretary Wright’s official X account after it was determined to be incorrectly captioned by Department of Energy staff.
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Benchmark crude settled down 12% at $83.45 a barrel Tuesday, marking the steepest one-day decline in four years. The intraday plunge to $76.73 represented a staggering 36% drop from Sunday's peak of $119.48 — the biggest two-day nosedive since the pandemic crash of April 2020.
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"Where's the line between fantasy and reality? It's hard to say," commodity specialist Robert Yawger observed.